Daily Forex Preview for October 01, 2015

October 2, 2015

EURUSD Daily Pivots

EURUSD (1.117): EURUSD resistance at 1.120 held yesterday after prices bounced off 1.1135. This also marks a retest of the breakout from the rising price channel. The decline lower should potentially see a break below 1.1135 and eventually to 1.110 in order for the test to the lower support to be completed. Failure to test 1.110 could push EURUSD bullish back in the near term with the possibility that 1.12 could be broken sending the currency pair higher to the next main resistance at 1.1254.

R3

1.1253

R2

1.1224

R1

1.1201

Pivot

1.1179

S1

1.1164

S2

1.1150

S3

1.1105

USDJPY Daily Pivots

R3

121.084

R2

120.681

R1

120.303

Pivot

119.90

S1

119.522

S2

119.113

S3

118.741

USDJPY (119.9): USDJPY tested the main support at 119.52 yesterday resulting in sharp rejection of prices. We can expect the upside to target the range of 120.275 which if breaks could see USDJPY rally towards 121 main resistance. Price remains consolidated within a triangle pattern on the daily charts, and a break above 121 could see a potential move to the upside. However, given the pattern, if prices stay within the 121.0 resistance, we could expect USDJPY to possibly breakout lower.

GBPUSD Daily Pivots

R3

1.5245

R2

1.5213

R1

1.5172

Pivot

1.5140

S1

1.5099

S2

1.5067

S3

1.5026

GBPUSD (1.513): GBPUSD formed a doji yesterday near the support level and the bullish divergence remains in play with prices trading very choppy near the lower support of 1.5145. A clear break above 1.5145 is needed in order for GBPUSD to correct towards 1.5343 level of resistance. To the downside, GBPUSD remains range bound with the support zone of 1.50.

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